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The city would earn an estimated $2.5 million annually in sales tax revenues and licensing fees if marijuana retailers were regulated like liquor stores, budget officials said at an Aurora City Council policy committee March 19.
Liquor stores are required to be about 2,000-feet apart from each other, and budget officials assumed there would be about 80 marijuana retailers in the city under that model.
Council's Amendment 64 Policy Committee requested information on projected sales tax revenues from marijuana retailers to help inform their decision on whether to allow the commercial sale of marijuana within the city and how to regulate it. The committee, chaired by Councilman Bob Roth, is still unsure what position it will take. They are set to decide next month whether to temporarily ban marijuana retailers so they can have more time to draft regulations.
If marijuana businesses were regulated like pawnshops, which are required to be two miles away from each other, the city would receive an estimated $912,000 annually according to budget officials. Budget officials assumed there would be about 17 marijuana retailers under that model. If marijuana stores were located only in industrial areas, there would be about six retailers and the city would earn about $322,000.
To base their estimates, the city's budget officials used sales tax collections from medical marijuana sales in Denver, Colorado Springs, and Boulder.
Jason Batchelor, the city's finance director, said it was difficult to project sales tax collections from recreational marijuana because there's no precedent for that type of business, and a lack of history and data.
The committee was also briefed on the state marijuana task force's report to the state Legislature, which suggested how to implement Amendment 64. The state Legislature has less than two months to develop rules regarding the legalization of recreational marijuana and marijuana businesses.
News Hawk- TruthSeekr420 420 MAGAZINE ®
Source: aurorasentinel.com
Author: Sara Castellanos
Contact: Aurora Sentinel
Website: Aurora could net $2.5 million annually in marijuana-store taxes, study shows — Aurora Sentinel
Liquor stores are required to be about 2,000-feet apart from each other, and budget officials assumed there would be about 80 marijuana retailers in the city under that model.
Council's Amendment 64 Policy Committee requested information on projected sales tax revenues from marijuana retailers to help inform their decision on whether to allow the commercial sale of marijuana within the city and how to regulate it. The committee, chaired by Councilman Bob Roth, is still unsure what position it will take. They are set to decide next month whether to temporarily ban marijuana retailers so they can have more time to draft regulations.
If marijuana businesses were regulated like pawnshops, which are required to be two miles away from each other, the city would receive an estimated $912,000 annually according to budget officials. Budget officials assumed there would be about 17 marijuana retailers under that model. If marijuana stores were located only in industrial areas, there would be about six retailers and the city would earn about $322,000.
To base their estimates, the city's budget officials used sales tax collections from medical marijuana sales in Denver, Colorado Springs, and Boulder.
Jason Batchelor, the city's finance director, said it was difficult to project sales tax collections from recreational marijuana because there's no precedent for that type of business, and a lack of history and data.
The committee was also briefed on the state marijuana task force's report to the state Legislature, which suggested how to implement Amendment 64. The state Legislature has less than two months to develop rules regarding the legalization of recreational marijuana and marijuana businesses.
News Hawk- TruthSeekr420 420 MAGAZINE ®
Source: aurorasentinel.com
Author: Sara Castellanos
Contact: Aurora Sentinel
Website: Aurora could net $2.5 million annually in marijuana-store taxes, study shows — Aurora Sentinel
